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GAD role to be probed in wake of Penrose report

The role of the Government Actuary&#39s Department will be examined in the review of the actuarial profession commissioned in the wake of the Penrose report into the collapse of Equitable Life.

The review, headed by Sir Derek Morris, has been asked to consider what professional and/or regulatory framework would best promote high standards and openness in the actuarial profession.

The review was commissioned by the Treasury in March in response to Lord Penrose&#39s criticism of the profession as having a lack of generally agreed professional standards, an over-reliance on the role of the appointed actuary and a lack of scrutiny of actuarial calculations. Penrose also identified a reluctance to challenge fellow actuarial professionals and reactive disciplinary procedures.

Morris has issued a document setting out the terms of reference of the consultation and calls for submissions by September 10.

He will publish an int-erim assessment in the aut-umn and submit a final rep-ort with recommendations for change to the Government in spring 2005, inclu-ding specifications on the role of Government actuaries.

Morris is provost of Oriel College, Oxford and from 1998 to April 2004 was chairman of the Competition Commission. He was economic director of the National Economic Development Office and from 1984 to 1998, chairman of Oxford Economic Forecasting.

He says: “I hope that all interested parties will feed in their views and I look forward to discussing the issues with the actuarial profession, their customers and other interested parties.”

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